As a coach and consultant for leaders in the mortgage industry, I get the opportunity to interact with a number of vendors offering innovative technologies, services and solutions to mortgage organizations. I am continually awed by the sheer number of companies out there filling every conceivable niche in our industry. For mortgage companies looking for nearly any kind support, there is little doubt they can find it.
But, here's a fair question: Why would you want to outsource the solution? Why not just hire a person or a team to fill that need in house. You would get to keep better tabs on them and their interests wouldn't be divided among other companies. Surely, you cannot outsource everything. But, is there a reason why you would want to outsource anything?
When organizations develop their marketing strategies, they typically stumble upon one simple truth. Regardless of the industry in which the business is conducted or the product that is being offered, most companies will realize that not all customers are created equal. Some customers aren't worth much, because they're transactional. They'll buy once and then disappear without a trace. Other customers, though, stay around for the long haul. They provide a continuous stream of recurring revenue. These customers are loyal.
Since discussing the topic a few weeks ago on my Lykken on Lending radio show, I've really been thinking a lot about the idea of recruiting. Once you have a pool of candidates that qualifies for the position you are trying to fill, how do you make a decision between those candidates? Rather than simply selecting the most skilled from among them, I would recommend considering their attitudes. How they approach their work can make all the difference as to how well they fit in with your culture. And one of the most important attitudes to look for in a candidate is humility.
Foreclosure and displacement are lapping at the doors of more than 12,000 older Americans (a National Reverse Mortgage Lenders Association estimate in court filings) at a most vulnerable time of their lives.
And Obama’s HUD is directing reluctant HECM lenders to carry out these illegal and unconscionable foreclosures and displacements.
Even the federal district court judge, who has been presiding over the AARP-led litigation since 2011, knew that most surviving HECM non-borrowing spouses would not survive the PLF condition. In part, this is how the judge sees the PLF condition:
“…the … condition [PLF] is difficult, if not impossible, for the named plaintiffs and other surviving spouses to meet ….” August 28, 2014 Decision in the Plunkett case
The more I hear about training programs and educational initiatives intended to get people interested in entering the mortgage industry, the more excited I become. I see more and more emphasis placed on recruiting, and it's encouraging to know that so many are flocking to our industry. But, as more and more people begin looking for work in the mortgage business, we've got to ask the question: who should we hire?
A few weeks ago, I received the opportunity to interview recruiting expert Jeff Jensen about how to recruit top talent. The conversation got me thinking: There are really two sides to the recruiting coin. First, there's what you need to do to create the kind of company top people want to work for. But, then, there's the other side—what characteristics job candidates need to possess in order to be attractive to you.
Last week on my Lykken on Lending radio show, we discussed some ideas on recruiting and touched on some of the strange ways companies have of attracting younger talent. Many technology companies, in particular, will offer employees video game consoles, a casual dress environment, and even napping rooms. In the mortgage industry, these ideas seem strange to us. They seem unprofessional and, when I see things like this, I can't help but think, "This just wouldn't fly when I was starting out in the industry!"
If you want to be competitive in the mortgage industry, you know you've got to attract the best talent to your team. You're only as good as the people working for you. An organization is only as good as the people who make it up. But this truth poses a problem for those of us who are smaller. We have tighter budgets and, therefore, aren't able to pay out as much as some companies. How do we compete with these bigger companies for the great talent necessary to create a winning team?
Confidence can admittedly be a dangerous thing. If we become too confident, it can lead to self-delusion, arrogance and stubbornness. If we're overconfident, we can refuse to change when we need to, and the effectiveness of our work can suffer as a result. Confidence should always be tempered with humility. But, does that mean that we should avoid being confident as leaders in the mortgage industry? Can confidence be a good thing as well?
One of the core characteristic that I think are possessed by the top leaders in our industry is an attribute that many do not associate with leadership in business. When we think of strong leader, we typically think of executives who are aggressive and self-assured. We think of people who are driven, actionable, and goal-oriented. But, if there's one necessary ingredient to being a great leader that doesn't typically come to mind, it's compassion.